Oil climbs to $104 as Hormuz standoff persists
Oil prices climbed to around $104 per barrel on Monday as the US-Iran conflict showed no resolution. President Trump rejected Iran's latest peace proposal as "totally unacceptable" and called the ceasefire "on life support." The Strait of Hormuz remains shut, keeping tankers stranded in the Persian Gulf. Wall Street advanced despite the tensions, with the S&P 500 rising 0.3 percent as more than four out of five reporting companies beat profit expectations. JPMorgan forecast prices would stay slightly above $100 per barrel through most of 2026.
Trump to bring CEOs to China seeking trade and Iran deal
President Donald Trump will visit China from May 13 to 15 with a delegation of executives including Tesla's Elon Musk, Apple's Tim Cook, and Goldman Sachs' David Solomon. The White House expects the visit to unlock trade agreements and purchase contracts. The agenda includes extending the October tariff truce and addressing the economic impact of the Strait of Hormuz closure on Beijing's oil imports. Washington is pressing Xi Jinping to push Vladimir Putin toward a Ukraine peace deal and to cease pressure on America's Asian allies.
UK government fully nationalises British Steel
The UK government will fully nationalise British Steel, with legislation introduced in Wednesday's King's Speech after commercial sale to Chinese owner Jingye proved impossible. Prime Minister Keir Starmer said public ownership is in the public interest following the government's seizure of the Scunthorpe plant last April to preserve the last two blast furnaces in the United Kingdom. The 3,500 workers at Scunthorpe and tens of thousands more in the supply chain face a future under state ownership, with taxpayer support already costing £377 million by January 2025.
Defiant Starmer refuses to step down amid Labour mutiny
Prime Minister Keir Starmer refused to resign at the Labour Party conference despite his party losing approximately 1,500 councillors across England and finishing third in Wales. He called Brexit a process that made Britain "poorer and weaker" and promised to rebuild relations with Europe. Around 30 Labour MPs are collecting signatures to trigger a leadership contest, with 37 publicly calling for his resignation and Catherine West initiating the process. Angela Rayner publicly stated the government "does not work" and suggested Andy Burnham as a potential replacement.
Federal budget unveils biggest property tax overhaul in decades
Treasurer Jim Chalmers will deliver his fifth federal budget on Tuesday with the largest property tax reforms in decades, restricting negative gearing to new properties, winding back the capital gains tax discount, and imposing minimum tax rates on family trusts. The government will cut $64 billion in spending while projecting a $44.9 billion improvement in national finances over four years. The single largest cut is $b>National Disability Insurance Scheme over four years. Opposition Shadow Treasurer Tim Wilson accused the government of deceit and betrayal over the housing policy changes.
Nvidia's Huang: AI boom will need electricians, not just coders
Nvidia CEO Jensen Huang told Carnegie Mellon University's Class of 2026 that the AI revolution will drive massive demand for electricians, plumbers, and construction workers rather than just software engineers. Capital expenditure from major tech firms could reach $700 billion this year alone to build data centers and AI infrastructure. A March analysis found a 27% increase in demand for skilled trades over three years. Huang received an honorary doctorate during the ceremony.
More
- Google Confirms First AI-Assisted Zero-Day Exploit. Google analysts identified a criminal operation using AI to discover a vulnerability and build an exploit—marking the first confirmed case of AI-assisted zero-day development, with North Korean and Chinese state groups reportedly experimenting with the technique.
- OpenAI unveils enterprise AI unit backed by $4 billion. Acquiring consulting firm Tomoro and its 150 engineers, OpenAI's new unit targets corporate clients including Mattel, Tesco, and Virgin Atlantic as it expands beyond its consumer AI roots.
- Apple brings encrypted RCS to cross-platform messaging. The feature, rolling out to supported carriers over the coming months, ensures only the sender and recipient can read messages, addressing a longstanding security gap between iPhone and Android users.
- Sony Music Acquires 45,000-Song Catalog for $4 Billion. Sony Music Publishing will buy Recognition Music Group's catalog from Blackstone for about $4 billion, gaining works by Beyonce, Fleetwood Mac and other major artists. The deal ranks among the largest in music industry history.
- EU Sanctions 16 Russians Over Ukraine Child Deportations. EU member states froze assets and banned travel for those allegedly responsible for forcibly transporting an estimated 20,500 Ukrainian minors to Russia.